Quarterly report pursuant to Section 13 or 15(d)

Equity Investment

Equity Investment
3 Months Ended
Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investment

10.Equity Investment


Following its earn-in to the Bootheel Project in 2009, Jet Metals Corp was required to fund 75% of the project’s expenditures and the Company the remaining 25%. The project has been accounted for using the equity accounting method with the Company’s pro rata share of the project’s loss included in the Statement of Operations since the date of earn-in and the Company’s net investment is reflected on the Balance Sheet. Under the terms of the operating agreement, the Company elected not to participate financially for the year ended March 31, 2012 which reduced the Company’s ownership percentage to approximately 19%. The equity accounting method has been continued because of the Company’s ability to directly influence the budget process and therefore the operations of the project. There have been no subsequent changes in the percentage of ownership of the project.  Impairment testing was performed at December 31, 2014 which resulted in no change to the carrying cost of the investment.